Nebius pairs sixfold AI-cloud growth with a 5 GW power target
Nebius reported $582.3 million in second-quarter revenue, with AI-cloud revenue up 514% year over year to $574.9 million. Four contracts averaged more than $1 billion each, while the company raised its year-end contracted-power target to 5 GW and spent $5.66 billion on capital assets.
Why it matters: The results show AI-cloud demand, prepayments, power commitments, and extraordinary capital intensity moving together in a rapidly scaling supplier.